New York: Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings published Tuesday, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal.
The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission’s website.
“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk, the world’s richest man wrote on Twitter late Tuesday.
As speculation mounted over the reason for the disposal, Musk responded in a series of late-night tweets, saying he wanted to avert an emergency sale of stock.
Asked by followers if he had finished selling Tesla shares and would buy the stock again if the deal does not close, Musk responded: “Yes.”
But legal experts have suggested that if Musk loses his battle against Twitter and is forced to complete the acquisition or pay a stiff penalty, he could conceivably have to sell more Tesla shares.